A Singapore-based financial technology (fintech) player is eyeing to onboard more partners in the Philippines to facilitate more digital money transfers.
Thunes Group, which includes TTMFS Singapore Pte Ltd. and its subsidiaries, said it is taking the opportunity amid the accelerated digital adoption to expand its financial services.
“We’re looking to expand our partnerships in the Philippines and to enable more outbound flows via our business partners,” Thunes Senior Vice President Sylvia Koh told the BusinessMirror in an interview.
The fintech player, Koh said, is currently working with some local banks and mobile wallet service providers in the Philippines.
Currently, Koh noted that the country is a very cash-based economy given that over 60 percent of transactions are generally cash-related. She said that the ongoing shift to digital will prompt “less reliance on cash and remittance can be done in a cheaper and more efficient manner.”
But the lockdown protocols imposed due to the coronavirus pandemic have accelerated growth of digitalization, especially in emerging markets, she observed.
“When borders closed and travel was halted, the need for cross-border transactions increased, and users became more discerning when it came to costs, efficiencies, and reliabilities,” Koh explained. “This gave Thunes the opportunity to shine and allow users to safely make transactions across borders.”
Thunes completed in September last year its Series B funding round amounting to $60 million. Proceeds are allocated to beef up the company’s global network and accelerate expansion in developing markets in Africa, Asia and Latin America.
“We will also put in more resources to develop and support business payments cross-borders,” Koh said. “There will be systems and product enhancements to improve the quality of service for our partners too.”
The company, founded in 2016, has set up its headquarter in Singapore, but it also has offices in Shanghai, London and New York. Its network comprises over 100 channels in Asia-Pacific, Africa and Middle East, Europe and Americas.
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